The insolvency resolution professional (IRP) of Bhushan Steel again extended the deadline for submission of resolution plans to February 3. The debt-laden firm informed this via notification on its website today. The prospective investors were first asked to submit their the bids by December 23, 2017.
The date was later extended by IRP Vijaykumar V Iyer to January 18, 2018. Through a notification on January 17, 2018 the company informed that the date has been further extended to January 25, 2018. The latest notification says that "further to the Invitation for Resolution Plans issued on October 7, 2017, it is hereby informed that the last date for submission of resolution plans has been extended to 1800 hours, February 3, 2018". Bhushan Steel was among the 12 companies which were referred by the Reserve Bank of India to National Company Tribunal Law (NCLT) for insolvency proceedings. The company has a debt of Rs 44,478 crore. Various players like the Luxembourg-based ArcelorMittal and Tata Steel are looking to acquire the debt-ridden firm which is going through the insolvency resolution process.
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